Short-term stake in Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE:NRK) increases 395.5%


Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRKGet a rating) benefited from a significant increase in short-term interest in May. As of May 31, there was short interest totaling 98,100 shares, a 395.5% increase from the May 15 total of 19,800 shares. Based on an average daily volume of 218,000 shares, the day-to-cover ratio is currently 0.5 days.

Nuveen New York AMT-Free Quality Municipal Income Fund Stocks opened at $11.37 on Friday. Nuveen New York AMT-Free Quality Municipal Income Fund has a 1-year low of $10.62 and a 1-year high of $14.45. The company has a 50-day moving average of $11.32 and a 200-day moving average of $12.46.

The company also recently announced a monthly dividend, which will be paid on Friday, July 1. Shareholders of record on Wednesday, June 15 will receive a dividend of $0.048 per share. The ex-dividend date is Tuesday, June 14. This represents an annualized dividend of $0.58 and a dividend yield of 5.07%.

In related news, Vice Chairman Michael A. Perry sold 44,762 shares of quality municipal income fund Nuveen New York AMT-Free in a trade dated Tuesday, May 10. The stock was sold at an average price of $10.88, for a total value of $487,010.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this hyperlink.

Several institutional investors have recently bought and sold shares of the company. Karpus Management Inc. increased its position in shares of Nuveen New York AMT-Free Quality Municipal Income Fund by 1.8% during the 4th quarter. Karpus Management Inc. now owns 11,941,825 shares of the financial services provider worth $164,678,000 after purchasing an additional 206,414 shares during the period. Rivernorth Capital Management LLC increased its position in shares of Nuveen New York AMT-Free Quality Municipal Income Fund by 37.8% in Q1. Rivernorth Capital Management LLC now owns 3,406,014 shares of the financial services provider valued at $41,349,000 after purchasing an additional 933,708 shares during the period. Claybrook Capital LLC acquired a new equity position in Nuveen New York AMT-Free Quality Municipal Income Fund in Q3 worth approximately $10,958,000. Bank of America Corp DE increased its position in shares of Nuveen New York AMT-Free Quality Municipal Income Fund by 3.1% in the 4th quarter. Bank of America Corp DE now owns 542,810 shares of the financial services provider valued at $7,485,000 after purchasing an additional 16,441 shares during the period. Finally, Morgan Stanley increased its position in shares of Nuveen New York AMT-Free Quality Municipal Income Fund by 3.6% in the third quarter. Morgan Stanley now owns 512,947 shares of the financial services provider valued at $7,094,000 after purchasing an additional 17,647 shares during the period.

About Nuveen New York AMT-Free Quality Municipal Income Fund (Get a rating)

Nuveen New York AMT-Free Quality Municipal Income Fund is a closed-end, fixed-income mutual fund launched by Nuveen Investments, Inc. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the New York bond markets. The fund invests in undervalued municipal securities and other related investments whose income is covered by insurance from insurers with claims-paying capacity, exempt from regular federal and New York income tax and are rated Baa, BBB or better and have an average maturity of 15.98 years.

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Melissa C. Keyes